New York, USA, July 27, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, global blockchain IoT market is intended to generate one revenue of $5,802.7 million and rise by a CAGR of 91.5% during the estimated time frame from 2019 to 2026.
According to our analysts, with the increasing implementation of IoT by various end-use industries, the blockchain IoT market is predicted to experience remarkable growth during the analysis period. Moreover, the growing necessity of IoT to provide security and streamline businesses worldwide to improve work efficiency is expected to fuel the growth of the market during the forecast period. Moreover, the rapid adoption of digital identity blockchain services, increasing government initiatives, and smart contracts are expected to boost the growth of the market during the estimated period. However, the lack of awareness and acceptance of blockchain technology may hinder the growth of the market throughout the forecast period.
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Segments of the Blockchain IoT Market
The report has divided the market into various segments based on offering, application, end use and region.
Offer: Hardware sub-segment to be most profitable
The hardware sub-segment is expected to grow at a remarkable CAGR of 93.6% during the estimated time frame. The increasing number of tasks performed by the hardware in the IoT systems, such as retrieving data from the source location and delivering it to the cloud systems, is predicted to boost the growth of the market sub-segment during the analysis timeframe.
Application: The data security sub-segment should be the most lucrative
The data security sub-segment is projected to generate a revenue of USD 1,377.9 million and grow at a higher CAGR of 93.4% during the forecast period. The growing concern about data theft due to the increasing number of cyber attacks taking place across the globe is expected to spur the growth of the blockchain IoT market sub-segment over the estimated time frame.
End use: The Smart City sub-segment should be the most productive
The smart cities sub-segment is expected to get one revenue of $639.4 million and growing at a healthy CAGR of 93.9% over the analysis timeframe. The increasing adoption of blockchain technology across smart cities for a variety of benefits such as smart connectivity is predicted to augment the growth of the market sub-segment during the forecast period.
Region: The Asia-Pacific region has great growth opportunities
The Asia Pacific region of the blockchain IoT market is predicted to generate a revenue of $1,459.8 million and growing at a CAGR of 94.8% over the estimated period. This is mainly due to the rapidly growing infrastructure and manufacturing sectors in this region. Moreover, the growing awareness among people in this region and growing adoption of IoT in various sectors such as retail, smart cities, healthcare and many more are expected to drive the regional growth of the market throughout the forecast period.
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Key players in the Blockchain IoT market
The major players in the blockchain IoT market include Cisco Systems, IBM Corporation, The Linux Foundation, Intel Corporation, R3, Amazon.com, Filament, Microsoft Corporation, Ethereum Foundation, KrypC and many more. These players mainly work on the development of new business strategies and tactics to acquire a leading position in the global industry.
For example, in February 2021, ITM, a well-known provider of blockchain scaling solutions and blockchain-enabled ICs, announced its partnership with Microsoft Corporation, a leading American multinational technology company. With this collaboration, the companies aimed to empower IoT devices with blockchain capabilities, allowing clients from any corner of the world to connect devices and share data without the risk of tampering. – Get in touch with an expert analyst to get the Post COVID-19 impact on the Blockchain IoT market
In addition, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio and the latest strategic developments.
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